Barrick Gold Corporation (NYSE:GOLD) (TSX:ABX) – Kibali, the
largest gold mine in Africa, is now also one of the greenest mines
on the African continent, Barrick president and chief executive
Mark Bristow told media at a briefing here today.
Much of the electricity that drives Kibali is
already supplied by its three hydropower stations. Once the mine’s
new 16 megawatt solar plant and additional battery energy storage
infrastructure, designed to back up the hydropower supply during
the region’s dry season, are commissioned, it is expected the
mine’s overall renewable electricity supply will increase from 81%
to 85%, and for six months of the year its electricity demand will
be met entirely by renewable energy.
“Bearing in mind that Kibali is also a leader in
automation, the mine is a real role model for mining in Africa. As
a long-standing partner of the Democratic Republic of Congo (DRC),
we built Kibali in the remote north-east of the country, opening up
a new mining frontier and, in the process, also promoted the
development of a flourishing local economy,” Bristow said.
"This partnership has been particularly beneficial
for the DRC. Our total in-country investment to date in the form of
royalties, taxes, dividends and payments to local suppliers amounts
to $4.7 billion. The implementation of community development
projects supported by Kibali’s community development fund, which
contributes 0.3% of revenue to such projects, continues with 44 new
projects launched in 2023. The mine’s new Cahier des Charges
scheme, funded by Kibali to the tune of $8.9 million over five
years, has also launched 11 projects, with seven nearing
completion. We’re also continuing our support for biodiversity with
plans underway to introduce additional white rhinos to the Garamba
National Park.”
Operationally, Kibali achieved its production
guidance for 2023, and set a new annual throughput record in the
process. It is also well on track to again successfully replace the
reserves mined during the year. Kibali is a standout example of
what can be achieved through our commitment to partnering with our
host countries and local communities, and we stand ready to work
with the Government to grow our investments and development
projects in the DRC.
Enquiries:DRC country manager
Cyrille Mutombo +243 812 532 441
Investor and Media RelationsKathy du Plessis+44 20
7557 7738Email: barrick@dpapr.com
Website: www.barrick.com
Cautionary Statement on Forward-Looking
InformationCertain information contained or incorporated
by reference in this press release, including any information as to
our strategy, projects, plans, or future financial or operating
performance, constitutes “forward-looking statements”. All
statements, other than statements of historical fact, are
forward-looking statements. The words “plan”, “on track”, “expect”,
“progress”, “develop”, “promote”, “continue”, “grow”, “will”, and
similar expressions identify forward-looking statements. In
particular, this press release contains forward-looking statements
including, without limitation, with respect to: Kibali’s potential
to continue to replace reserves net of depletion; Kibali’s
renewable power strategy and anticipated benefits from the
completion of a new solar farm and battery energy storage system;
Kibali’s status as one of the greenest mines in Africa; the
anticipated benefits from Kibali’s local procurement initiatives
and investment in local partnerships and communities; Barrick’s
investment in community programs and projects including through the
Cahiers des Charges program and its community development fund;
Barrick’s sustainability strategy and investment in Africa’s
biodiversity including through the reintroduction of white rhinos
to the Garamba National Park; and Barrick’s commitment to the DRC
and potential further growth opportunities.
Forward-looking statements are necessarily based
upon a number of estimates and assumptions including material
estimates and assumptions related to the factors set forth below
that, while considered reasonable by the Company as at the date of
this press release in light of management’s experience and
perception of current conditions and expected developments, are
inherently subject to significant business, economic, and
competitive uncertainties and contingencies. Known and unknown
factors could cause actual results to differ materially from those
projected in the forward-looking statements, and undue reliance
should not be placed on such statements and information. Such
factors include, but are not limited to: fluctuations in the spot
and forward price of gold, copper, or certain other commodities
(such as silver, diesel fuel, natural gas, and electricity); the
speculative nature of mineral exploration and development; changes
in national and local government legislation, taxation, controls or
regulations and/ or changes in the administration of laws, policies
and practices; expropriation or nationalization of property and
political or economic developments in the DRC and other
jurisdictions in which the Company or its affiliates do or may
carry on business in the future; changes in mineral production
performance, exploitation, and exploration successes; the
possibility that future exploration results will not be consistent
with the Company’s expectations; disruption of supply routes which
may cause delays in construction and mining activities, including
disruptions in the supply of key mining inputs due to the invasion
of Ukraine by Russia; risk of loss due to acts of war, terrorism,
sabotage and civil disturbances; failure to comply with
environmental and health and safety laws and regulations; timing of
receipt of, or failure to comply with, necessary permits and
approvals; uncertainty whether some or all of Barrick’s targeted
investments and projects will meet the Company’s capital allocation
objectives and internal hurdle rate; damage to the Company’s
reputation due to the actual or perceived occurrence of any number
of events, including negative publicity with respect to the
Company’s handling of environmental matters or dealings with
community groups, whether true or not; risks associated with new
diseases, epidemics and pandemics, including the effects and
potential effects of the global Covid-19 pandemic; litigation and
legal and administrative proceedings; employee relations including
loss of key employees; increased costs and physical and transition
risks related to climate change, including extreme weather events,
resource shortages, emerging policies and increased regulations to
related to greenhouse gas emission levels, energy efficiency and
reporting of risks; and availability and increased costs associated
with mining inputs and labor. In addition, there are risks and
hazards associated with the business of mineral exploration,
development and mining, including environmental hazards, industrial
accidents, unusual or unexpected formations, pressures, cave-ins,
flooding and gold bullion, copper cathode or gold or copper
concentrate losses (and the risk of inadequate insurance, or
inability to obtain insurance, to cover these risks).
Many of these uncertainties and contingencies can
affect our actual results and could cause actual results to differ
materially from those expressed or implied in any forward-looking
statements made by, or on behalf of, us. Readers are cautioned that
forward-looking statements are not guarantees of future
performance. All of the forward-looking statements made in this
press release are qualified by these cautionary statements.
Specific reference is made to the most recent Form 40-F/Annual
Information Form on file with the SEC and Canadian provincial
securities regulatory authorities for a more detailed discussion of
some of the factors underlying forward-looking statements and the
risks that may affect Barrick’s ability to achieve the expectations
set forth in the forward-looking statements contained in this press
release.
Barrick disclaims any intention or obligation to
update or revise any forward-looking statements whether as a result
of new information, future events or otherwise, except as required
by applicable law.
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